MIRA
INFORM REPORT
|
Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
HBL POWER SYSTEMS LIMITED (w.e.f.09.12.2006) |
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Formerly Known
As : |
HBL NIFE POWER SYSTEMS LIMITED (w.e.f.26.04.2000) SAB NIFE POWER SYSTEMS LIMITED |
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Registered
Office : |
8-2-601, Road No. 10, Banjara Hills, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.08.1986 |
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Com. Reg. No.: |
01-006745 |
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Capital Investment
/ Paid-up Capital : |
Rs. 253.000
Millions |
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CIN No.: [Company Identification
No.] |
L40109TG1986PLC006745 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDH00591D |
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PAN No.: [Permanent Account No.] |
AAACH8421K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Design and Development of
specialized Batteries and DC Systems and Associated Electronics. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 230000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Beaver Engineering and Holdings Limited,
Hyderabad”. It is an established company having a good track record. Financial position of the company is sound. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. In view of long standing experience of the promoters and established
track record of operations, the company can be considered normal for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period with
an annualized return of 20 % ! Equities came in second with annualized return
of 15.5 % ! However, while these returns may seem mouthwatering, the fact is
that the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
October 08, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A2+ |
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Rating Explanation |
Strong degree of safety and low credit risk.
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|
Date |
October 08, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (CONTACT NO.: 91-40-23355575)
LOCATIONS
|
Registered/ Head Office : |
8-2-601, Road No. 10, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-23355575/ 23351934/ 23355085 |
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Fax No.: |
91-40-23355048/ 23353189 |
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E-Mail : |
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Website : |
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Factory 1 : |
Aliabad Post, Lalgadi Malakpet, Shameerpet Mandal, R.R. District,
Hyderabad - 500078, Andhra Pradesh, India |
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Tel. No.: |
91- 8418-244640 |
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Fax No.: |
91- 8418-244627/ 244574 |
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Factory 2 : |
Survey No. 64-67, 77-81, Nandigaon Village, Kothur Mandal - 509223,
Mahaboobnagar District, Andhra Pradesh, India |
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Tel. No.: |
91-8548-240456 |
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Fax No.: |
91-8548-240474 |
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Factory 3 : |
Survey No. 351, Thumukunta Village, Shameerpet Mandal, Rangareddy
District, Hyderabad - 500078, Andhra Pradesh, India |
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Tel. No.: |
91-8418-247680 |
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Fax No.: |
91-8418-247683 |
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Factory 4 : |
Sy No 155 to 156 (Post) Bhootpur (Village and Mandal), Mahaboobnagar
District, Andhra Pradesh, India |
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Tel. No.: |
91-8542-236539/ 236205 |
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Factory 5 : |
Sy 123-126, 138(p) to 144(p), Kandivasala Village, Pusapatirega Mandal,
Vizayanagaram District, Andhra Pradesh, India |
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Tel. No.: |
91-8922-258159 |
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Factory 6 : |
Plot No. Q6 to Q10, R1 to R10 S1 to S9, Phase III, VSEZ, Duvvada,
Visakhapatnam - 530046, Andhra Pradesh, India
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Tel. No.: |
91-891-2543255-56 |
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Factory 7 : |
Plot No. 1, Sector 8A, IIE Ranipur (BHEL Haridwar - 249403,
Uttarakhand, India |
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Tel. No.: |
91-1334-235420/ 235421 |
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Factory 8 : |
Plot No. 425, Sector - 8, IMT Manesar, Gurgaon - 122050, Haryana, India |
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Tel. No.: |
91-124-4783333/ 4783322 |
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Fax No.: |
91-124-4783300 |
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Sales Offices : |
Located at: Ř
Kolkata Ř
Bhubneshwar Ř
Guwahati Ř
Ranchi Ř
Raipur Ř
Patna Ř
Raigarh Ř
Odisha Ř Delhi Ř
Manesar Ř
Lucknow Ř
Jaipur Ř
Bhopal Ř
Chandigarh Ř
Mumbai Ř
Ahmedabad Ř
Baroda Ř
Hyderabad Ř
Vijayawada Ř
VIZAG Ř
Chennai Ř
Kochi Ř Bangalore |
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Overseas Sales Offices : |
Located at: Ř USA Ř Kingdom of Saudi Arabia Ř
Germany |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Dr. A.J. Prasad |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. M S S Srinath |
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Designation : |
Director |
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Date of Birth/Age : |
23.04.1969 |
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Qualification : |
BA (Economic Hons) |
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Expertise in specific functional area : |
Overall the
Marketing activities and other administrative affairs of the company. |
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Date of Appointment : |
24.11.1997 |
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Other Directorship : |
· Beaver Engineering and Holdings Limited Kairos Engineering Limited Naval Systems and Technologies Private Limited Igarashi Motors India Limited |
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Name : |
Mrs. Kavita Prasad |
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Designation : |
Director |
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Date of Birth/ Age : |
11.12.1971 |
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Qualification : |
B Com, PGDCA |
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Date of Appointment : |
10.05.2000 |
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Name : |
Mr. P. Ganapathi Rao |
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Designation : |
Director |
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Name : |
Mrs. Preeti Khandelwal |
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Designation : |
Director |
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Name : |
Mr. V.V.S. Ravindra |
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Designation : |
IDBI Nominee Director w.e.f. 25th June, 2012 |
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Date of Birth/ Age : |
18.01.1964 |
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Qualification : |
B Tech (Chemical) |
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Date of Appointment : |
25.06. 2012 |
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Name : |
Mr. Sanjiv Singhal |
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Designation : |
Director |
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Date of Birth/ Age : |
23.03.1967 |
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Qualification : |
MBA from the Wharton
Business School (USA), MA with distinction from the University of Essex, UK
and BA with honours from Delhi University. |
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Date of Appointment : |
14.08.2012 |
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Name : |
Mr. Ajay Bhaskar Limaye |
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Designation : |
Director |
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Date of Birth/Age : |
20.05.1969 |
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Qualification : |
CFA Charter
holder with prior qualification as an Engineer with an MBA in Finance |
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Expertise in specific functional area : |
Over 18 years of
experience in the investment industry in India. During this period, he has
been involved in managing various types of funds including Private Equity
Fund (diversified growth capital), Venture Capital fund, Technology Fund,
Infrastructure Fund and Special Situations Fund, besides listed market
investments. |
|
Date of Appointment : |
14.02.2013 |
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Other Directorship : |
Data Patterns (India) Private Limited |
KEY EXECUTIVES
|
Name : |
M V S S Kumar |
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Designation : |
Company Secretary |
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Name : |
Mr. Ravinder |
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Designation : |
Finance Department |
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Audit Committee : |
· P Ganapathi Rao, Chairman of the Committee Kavita Prasad V V S Ravindra Preeti Khandelwal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
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|
43971629 |
17.38 |
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|
143059443 |
56.55 |
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|
187031072 |
73.93 |
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Total shareholding of Promoter
and Promoter Group (A) |
187031072 |
73.93 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
121025 |
0.05 |
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|
5000 |
0.00 |
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|
17320902 |
6.85 |
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|
17446927 |
6.90 |
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|
|
|
|
|
19446414 |
7.69 |
|
|
|
|
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|
23124891 |
9.14 |
|
|
4403727 |
1.74 |
|
|
1546969 |
0.61 |
|
|
920121 |
0.36 |
|
|
134641 |
0.05 |
|
|
492207 |
0.19 |
|
|
48522001 |
19.18 |
|
Total Public shareholding (B) |
65968928 |
26.07 |
|
Total (A)+(B) |
253000000 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
253000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Design and Development of
specialized Batteries and DC Systems and Associated Electronics. |
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Products/ Services : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
|
Lead Acid Batteries |
Mil Ah |
1640 |
|
Nickel Cadmium Batteries |
Mil Ah |
85 |
|
Chargers / Rectifiers |
Nos |
3500 |
|
Lithium Thionyl Chloride Cells |
Nos |
11000 |
|
Others |
|
In view of the items being manufactured as per the customers orders it is not possible to ascertain installed capacity |
|
Particulars |
Unit |
Actual Production |
|
Lead Acid Batteries |
Lac AH |
6,480.47 |
|
Nicad |
Nos |
40,692 |
|
Silver Zinc |
Nos |
18,500 |
|
Lithium |
Nos |
46 |
|
Nickel Cadmium Pocket Plate Batteries |
Lac AH |
738.54 |
|
Electronic Charges/Rectifiers |
Nos |
4,642 |
|
|
Nos |
1,343 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India · State Bank of Hyderabad · IDBI Bank Limited · Axis Bank Limited · ICICI Bank Limited · Exim Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1 : |
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|
Name : |
Satyanarayana and Company Chartered Accountants |
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Address : |
Amar Mansion, Ranigunj, Secunderabad – 500003, Andhra Pradesh, India |
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Auditors 2 : |
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|
Name : |
Rao and Kumar Chartered Accountants |
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Address : |
10-19-15, Soudamani, Seripuram, CBM Compound, Visakhapatnam – 530003, Andhra Pradesh, India |
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|
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Cost Auditors : |
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|
Name : |
Narasimha Murthy and Company Cost Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
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Holding Company : (As on 31.03.2013) |
Beaver Engineering and Holdings Limited, Hyderabad |
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Subsidiaries : (As on 31.03.2013) |
· Agile Electric Sub Assembly (Private) Limited SCIL Infracon Private Limited HBL Germany, GMBH HBL America HBL Suntech LLP |
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Step Down Subsidiaries of Subsidiary : (As on 31.03.2013) |
· Igarshi Motors India Limited Igarshi Motors Sales (Private) Limited |
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Joint Venture : (As on 31.03.2013) |
Gulf Batteries Company Limited, Kingdom of Saudi Arabia |
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Controlled Companies : (As on 31.03.2013) |
Kairos Engineering Limited, Hyderabad |
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Associate : (As on 31.03.2013) |
· Naval Systems and Technologies Private Limited Guided Missile Engineering India Private Limited |
|
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Companies which Directors are Interested : (As on 31.03.2013) |
Sankhya Infotech Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed and Paid-up Capital : Rs.253.000
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Re. 1/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
253000000 |
Equity Shares |
Re. 1/- each |
Rs.253.000
Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period
|
|
31.03.2013 |
|
|
Equity Shares |
No. of Shares |
Rs. in Millions |
|
At the beginning of the period |
253000000 |
253.000 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
253000000 |
253.000 |
Terms/rights
attached to equity shares
The company has
only one class of equity shares having a par value of Re.1 per share. Each
holder of equity shares is entitled to one vote per share. The company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
Shares held by
holding/ultimate holding company
Out of equity shares issued by the company, details of shares held by
its holding company is as below :
|
Name of the
Shareholder |
31.03.2013 |
|
|
No. of Shares |
|
Beaver Engineering and Holdings Limited |
143059443 |
Details of shareholders holding more than 5% shares in the company
|
Name of the
Shareholders |
31.03.2013 |
|
|
Equity shares of Re.1 each fully paid |
No. of Shares |
% holding in the class |
|
Beaver Engineering and Holdings Limited |
143059443 |
56.55 |
|
A J Prasad |
27654500 |
10.93 |
|
Citigroup Global Markets Mauritius Private Limited |
16701761 |
6.60 |
|
Reliance Capital Limited |
14360000 |
5.68 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
253.000 |
253.000 |
253.000 |
|
(b) Reserves and Surplus |
5598.600 |
5207.660 |
5047.324 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5851.600 |
5460.660 |
5300.324 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2240.700 |
3353.162 |
3339.009 |
|
(b) Deferred tax liabilities (Net) |
245.700 |
225.142 |
195.142 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
20.300 |
15.872 |
15.867 |
|
Total Non-current
Liabilities (3) |
2506.700 |
3594.177 |
3550.019 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4324.200 |
3217.240 |
3263.361 |
|
(b)
Trade payables |
2930.700 |
1922.144 |
1379.768 |
|
(c)
Other current liabilities |
1878.500 |
2099.968 |
2135.838 |
|
(d) Short-term
provisions |
189.800 |
137.859 |
117.238 |
|
Total Current
Liabilities (4) |
9323.200 |
7377.210 |
6896.204 |
|
|
|
|
|
|
TOTAL |
17681.500 |
16432.047 |
15746.547 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5302.600 |
4736.372 |
4939.646 |
|
(ii)
Intangible Assets |
|
126.061 |
158.006 |
|
(iii)
Capital work-in-progress |
|
446.988 |
351.744 |
|
(iv)
Intangible assets under development |
|
231.472 |
202.084 |
|
(b) Non-current Investments |
294.400 |
1495.314 |
1512.454 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
104.700 |
98.573 |
190.780 |
|
(e) Other
Non-current assets |
140.800 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5842.500 |
7134.780 |
7354.714 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5975.700 |
4330.269 |
2877.541 |
|
(c)
Trade receivables |
4580.800 |
3942.382 |
3808.742 |
|
(d) Cash
and cash equivalents |
464.900 |
334.712 |
507.287 |
|
(e)
Short-term loans and advances |
817.600 |
689.904 |
1198.263 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
11839.000 |
9297.267 |
8391.833 |
|
|
|
|
|
|
TOTAL |
17681.500 |
16432.047 |
15746.547 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
12807.900 |
11974.169 |
10895.293 |
|
|
|
Other Income |
100.200 |
91.319 |
164.721 |
|
|
|
TOTAL (A) |
12908.100 |
12065.488 |
11060.014 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
8229.500 |
7303.673 |
5969.425 |
|
|
|
Purchase of Traded goods |
28.300 |
102.516 |
292.415 |
|
|
|
(Increase) / Decrease in Inventory |
(381.500) |
(718.540) |
9.799 |
|
|
|
Employee Benefits Expense |
1284.000 |
1178.876 |
1160.008 |
|
|
|
Other Expenses |
2649.700 |
2688.657 |
2101.869 |
|
|
|
Exceptional Items |
-565.400 |
(77.856) |
67.812 |
|
|
|
TOTAL (B) |
11244.600 |
10477.326 |
9601.328 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1663.500 |
1588.162 |
1458.686 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
757.400 |
933.984 |
898.087 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
906.100 |
654.178 |
560.599 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
385.100 |
400.850 |
343.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
521.000 |
253.328 |
216.987 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
70.900 |
48.886 |
120.972 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
450.100 |
204.442 |
96.015 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (FOB Value of Exports) |
NA |
2596.324 |
2260.489 |
|
|
|
Services |
NA |
94.471 |
4.033 |
|
|
TOTAL EARNINGS |
NA |
2690.795 |
2264.522 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Spares |
NA |
3198.843 |
2241.058 |
|
|
|
Capital Items / Equipment |
NA |
52.376 |
136.575 |
|
|
TOTAL IMPORTS |
NA |
3251.219 |
2377.633 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.78 |
0.81 |
0.38 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
2855.700 |
|
Total Expenditure |
|
|
2717.600 |
|
PBIDT (Excl OI) |
|
|
138.100 |
|
Other Income |
|
|
33.700 |
|
Operating Profit |
|
|
171.800 |
|
Interest |
|
|
177.600 |
|
Exceptional Items |
|
|
(45.600) |
|
PBDT |
|
|
(51.400) |
|
Depreciation |
|
|
128.100 |
|
Profit Before Tax |
|
|
(179.400) |
|
Tax |
|
|
(6.000) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(173.400) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(173.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.49 |
1.69
|
0.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.07 |
2.12
|
1.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.00 |
1.78
|
1.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.05
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.12 |
1.20
|
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.26
|
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
253.000 |
253.000 |
253.000 |
|
Reserves & Surplus |
5047.324 |
5207.660 |
5598.600 |
|
Net
worth |
5300.324 |
5460.660 |
5851.600 |
|
|
|
|
|
|
long-term borrowings |
3339.009 |
3353.162 |
2240.700 |
|
Short term borrowings |
3263.361 |
3217.240 |
4324.200 |
|
Total
borrowings |
6602.370 |
6570.402 |
6564.900 |
|
Debt/Equity
ratio |
1.246 |
1.203 |
1.122 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10895.293 |
11974.169 |
12807.900 |
|
|
|
9.902 |
6.963 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10895.293 |
11974.169 |
12807.900 |
|
Profit |
96.015 |
204.442 |
450.100 |
|
|
0.88% |
1.71% |
3.51% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Interest Free
Sales Tax Loan (Deferred Payment Liability) |
|
163.637 |
|
Loan from HPFSIPL |
|
12.310 |
|
Finance Lease Obligations from HPFSIPL |
|
6.319 |
|
Loan from Holding Company |
|
1200.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Unsecured (from
Banks) Purchase Bill
Discounting from Kotak Mahindra Bank Limited |
NA |
127.458 |
|
Unsecured (from
others) Inter Corporate Deposit from Holding Company |
|
0.000 |
|
Inter Corporate Deposit from Others |
|
30.000 |
|
Loans from Directors |
|
27.600 |
|
|
|
|
|
Total |
NA |
1567.324 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a) Un-expired
guarantees issued on behalf of the Company by banks for which the Company
gave counter guarantees |
|
1231.047 |
|
b) Bills Discounted with Banks but not matured |
|
371.424 |
|
c) Corporate
Guarantee issued to ICICI Bank on behalf of Igarshi Motors India Limited (a
step down subsidiary of the company) for the loan facilities sanctioned to
them. |
|
760.000 |
|
d) Legal undertakings
(LUTs) given to Custom’s Authorities for clearing the imports at Nil /
Concessinal rate of duty pending fulfillment of export obligations, (net of
the export obligations fulfilled of Rs.978.012 Millions (previous year
Rs.350.974 Millions) for which the process of discharging the LUTs by the
concerned authorities is at various stages). |
NA |
459.714 |
|
e) Claims against the Company not acknowledged as debts towards : |
|
|
|
Excise duty |
|
31.050 |
|
Sales Tax |
|
9.842 |
|
Custom duty |
|
3.385 |
|
Service Tax |
|
1.068 |
|
Property Tax of VSEZ unit |
|
2.764 |
|
Fuel surcharge adjustment (FSA) to the extent billed |
|
37.473 |
|
Enhancement of
Land Cost by Haryana State Industrial and Infrastructure |
|
10.882 |
|
Erstwhile promoters of SCIL Infracon Private Limited |
|
18.831 |
|
Others |
|
1.767 |
|
f) Income Tax Dispute for Assessment Year 2009-10 |
|
6.508 |
|
Estimated amount
of contracts remaining to be executed on Capital account and not provided for |
NA |
37.510 |
|
Investments
committed by the Company in other Companies: |
|
|
|
In SCIL Infracon
Private Limited Against purchase of 10000 shares (net of Rs. 2.500 Millions contributed
as on 31.03.2012) |
|
0.000 |
|
In HBL Suntech,
LLP against 60% Share in LLP (net of Rs. 1.830 Millions contributed as on
31-03-2013) |
|
10.170 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10502462 |
26/03/2014 |
750,000,000.00 |
AXIS BANK LIMITED |
AXIS BANK LIMITED, CORPORATE BANKING BRANCH, BEGUMPET ROAD, SOMAJIGUDA, HYDERABAD, TELANGANA - 500016, INDIA |
C06353841 |
|
2 |
10450609 |
28/09/2013 * |
300,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.
ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - |
B87600219 |
|
3 |
10263361 |
08/11/2012 * |
2,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B61604377 |
|
4 |
10241214 |
17/09/2010 |
110,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTER COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A95071502 |
|
5 |
10188677 |
02/12/2009 * |
360,000,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE BRANCH, TOPAZ, AMRUTHA HILLS, |
A75459867 |
|
6 |
10183917 |
02/12/2009 * |
720,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, OZONE, 2ND FLOOR,
6-3-669, PUNJAGUTTA MAIN ROAD, HYDERABAD, ANDHRA |
A75382853 |
|
7 |
10164979 |
02/12/2009 * |
720,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A75624544 |
|
8 |
10079748 |
29/11/2007 |
400,000,000.00 |
EXPORT- IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A28733962 |
|
9 |
10103026 |
28/06/2008 * |
300,000,000.00 |
STATE BANK OF INDORE |
PB NO.29, TRIVANI COMPLEX, 4-1-971/974, ABID ROAD |
A42057414 |
|
10 |
10060541 |
04/07/2007 |
350,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWER, LEVEL IV, EAST WING, 1-11-256, STREET NO.1, BEGUMPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA |
A19286574 |
|
11 |
10053948 |
08/05/2007 |
800,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
MAHAVIR HOUSE, BASHEERBAGH, HYDERABAD, ANDHRA PRADESH - 500029, INDIA |
A16033631 |
|
12 |
10050513 |
28/06/2008 * |
300,000,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE BRANCH, TOPAZ BUILDING, AMRUTHA HILLS, PUNJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
A41810680 |
|
13 |
10040544 |
28/06/2008 * |
600,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A41861485 |
|
14 |
10020777 |
13/09/2006 |
7,500,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
A05195300 |
|
15 |
90140359 |
26/04/2006 * |
300,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
A01154863 |
|
16 |
90139505 |
30/03/2005 |
3,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORP. LIMITED |
BASHEERBAGH, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
17 |
90140336 |
16/12/2004 |
120,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
18 |
90140329 |
12/07/2007 * |
30,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A21104427 |
|
19 |
90140316 |
14/09/2004 * |
59,800,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, SECUNDERABD, ANDHRA PRADESH - 500003, INDIA |
- |
|
20 |
90140313 |
12/07/2007 * |
120,000,000.00 |
STATE BANK OF INDORE |
POST BAG NO: 29, 4-1-971, 974, ABIDS ROAD, HYDERABAD, ANDHRA PRADESH - 500001, INDIA |
A21762034 |
|
21 |
90139402 |
10/06/2005 * |
724,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, ASHOKA MY HOME CHAMBERS; SP ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
22 |
90140246 |
16/10/2002 |
80,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, SECUNDERABAD, ANDHRA PRADESH - 500854, INDIA |
- |
|
23 |
90140233 |
24/03/2014 * |
8,000,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, OZONE, 2ND FLOOR, 6-3-669, PUNJAGUTTA |
C00978866 |
|
24 |
90140216 |
02/05/2002 * |
85,000,000.00 |
IDBI BANK LIMITED |
MAHAIR HOUSE, BASHEERBAGH SQUARE, HYDERABAD, ANDHRA PRADESH - 500029, INDIA |
- |
|
25 |
90139321 |
29/08/2001 |
6,000,000.00 |
THE HOUSING DEVELOPMENT FINANCE CORP. LIMITED |
HDFC HOUSE, B-6/3; SAFDARJUNG ENCLAVE, NEW DELHI, |
- |
|
26 |
90140167 |
02/05/2002 * |
460,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
27 |
90140436 |
31/08/1998 |
288,756.00 |
DCL FINANCE LIMITED |
SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
28 |
90140435 |
06/08/1998 |
871,823.00 |
DCL FINANCE LIMITED |
SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
29 |
90140434 |
17/07/1998 |
1,031,344.00 |
DCL FINANCE LIMITED |
6-3-569/1; DCL CHAMBERS OPP RTA OFFICE, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
30 |
90140433 |
11/05/1998 |
1,231,493.00 |
DCL FINANCE LIMITED |
6-3-569/1; DCL CHAMBERS OPP RTA OFFICE, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
31 |
90140432 |
18/04/1998 |
723,131.00 |
DCL FINANCE LIMITED |
6-3-569/1; DCL CHAMBERS OPP RTA OFFICE, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
32 |
90137668 |
20/10/1994 |
30,000,000.00 |
ID BANK OF INDIA LIMITED |
5-9-891&2 CHAPEL ROAD, HYDERABAD, DELHI - 500001, INDIA |
- |
|
33 |
90139920 |
15/09/2000 * |
87,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
34 |
90139793 |
20/03/1992 |
135,000,000.00 |
STATE BANK OF INDIA |
JEEDIMETLA IDA BRANCH, HYDERABAD, ANDHRA PRADESH - 500855, INDIA |
- |
|
35 |
90138661 |
10/06/1989 |
93,300,000.00 |
STATE BANK OF INDIA |
JEEDIMETLA, JEEDIMETLA, ANDHRA PRADESH, INDIA |
- |
|
36 |
90139696 |
13/10/1988 |
30,800,000.00 |
STATE BANK OF INDIA |
JEEDIMETLA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
· Land – Freehold
Land
– Leasehold
Buildings
– Factory
Buildings
– Others
Plant
and Machinery
Office
Equipment
Assets
under Finance Lease
Furniture
and Fixtures
Vehicles
Technical
Library
PRESS RELEASE
STRATEGIC PARTNERSHIP BETWEEN SUNLIGHT AND
HBL POWER SYSTEMS LIMITED FOR NICKEL CADMIUM BATTERIES
SYSTEMS SUNLIGHT
S.A. has a long-lasting and successful worldwide presence in the energy storage
and power supply sectors, aiming at providing customized turn-key solutions.
Having a robust know-how in designing and producing lead-based batteries,
SUNLIGHT develops strategic partnerships with leading companies as a means of
enriching its product portfolio with additional energy storage technologies.
In this context,
SUNLIGHT has recently signed a strategic partnering agreement with HBL Power
Systems Limited, one of the top global battery manufacturers, specializing
among others in Nickel-Cadmium (Ni-Cd) batteries. Based on this strategic
agreement, SUNLIGHT will exclusively market a wide range of HBL manufactured
SUNLIGHT Ni-Cd batteries into various countries, mainly in SE Europe and CIS.
“We strongly believe
that this partnership will provide added value to both parties by integrating
SUNLIGHT’s and HBL’s core competences in a complementary way” commented Mr.
Stefanos Latinos – SUNLIGHT’s Global Products and Services Director.
“HBL recognizes the
strength of partnering with SUNLIGHT to take advantage of lowering costs for
customers while offering professional, local service capabilities to ensure
total customer satisfaction – the long term future is bright for both
companies” added Mr. Bob Herritty – Executive Director International Business
at HBL in India.
Nickel-Cadmium
batteries’ unique features enable them to be used in applications and
environments untenable for other battery systems. They are characterized by their
optimum reliability, performance, long life span and low maintenance
requirements. Their key applications include fire alarm panels, emergency
lighting, telecommunication, switchgear, photovoltaics, process control, UPS,
generator starting, diesel locomotive cranking, aircraft / helicopter ground
starting, and electro magnets.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.84 |
|
|
1 |
Rs. 98.73 |
|
Euro |
1 |
Rs. 78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial and operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.